GOVERNMENT MUST TACKLE UNTRAINED REAL ESTATE AGENTS AS A MATTER OF PRIORITY

The NSW Opposition has called on the Minister for Better Regulation to personally intervene to ensure real estate agents have the appropriate training when dealing with the biggest purchase of many people’s lives.

 

NSW Fair Trading’s own audit into Real Estate Agent standards has found that 1 in 5 agents were not up to scratch when it came to minimum standards to operate as a salesperson or property manager.

 

Fair Trading’s audit found that:

 

  • 68 out of 314 agents had not kept up to date with their continuing professional development;
  • 23 out of 112 cases of licence renewals were non compliant; and
  • 60 penalty notices were issued.

 

The multi-billion dollar property market demanded a higher standard of ethics and skills in the agents who bought and sold homes.

 

Labor said the Government was good at making announcements but not following them through.

 

Penalty notices would raise revenue – but would not necessarily address non compliance.

 

The Real Estate Institute claimed that the Government’s message simply wasn’t getting through to the coalface – and more work needed to be done in communicating these requirements across industry.

 

Labor said it would look at mandatory requirements if the Government’s current approach continued to fail.

 

Quotes attributable to Shadow Better Regulation Minister Yasmin Catley

 

“Mums and dads are being guided into making some of the biggest financial decisions in their lives– and we find that one in five of all agents in NSW simply aren’t up to scratch with training and knowledge.

 

“This Government talks big but delivers little on the ground.

 

“We need to hold all real estate agents to account – and Labor will work with the Government to bring that about.

 

“We need everyone in the real estate industry to lift their game – lifting standards and throwing the shonks out.”

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